U.S. Options

As previously announced in the August 12, 2024 Alert and November 20, 2024 Alert alerts, non-transaction fee waivers for the MIAX Sapphire Options Exchange will expire on February 28, 2025.

1. The Initial Waiver Period and the Production Connectivity Waiver Period will expire on February 28, 2025.
2. The following fees will be charged beginning March 1, 2025:
   1. Membership Application Fee (one-time)
      1. $500 – Electronic Exchange Member
      2. $1,000 – Market Maker
   2. Testing and Certification Fees (per-instance)
      1. API Testing and Certification Fees
         1. $1,000 – Electronic Exchange Member
         2. $2,500 – Market Maker
         3. $1,200 – Non-Member
      2. Network Connectivity Testing and Certification Fees
         1. $1,000 – 1GB ULL for Members
         2. $4,000 – 10GB ULL for Members
         3. $1,200 – 1GB ULL for Non-Members
         4. $4,200 – 10GB ULL for Non-Members
   3. Monthly Trading Permit Fees
      1. $500 – Electronic Exchange Member
      2. $2,000 / $4,000 / $6,000 / $8,000 - Market Maker (based on lesser of either (i) the number of classes in which the Market Maker is registered to quote, or (ii) certain percentages of total national ADV measurement)
   4. Monthly Port Fees
      1. FIX Ports
         1. $275 for first port, $175 for second to fifth ports, $75 per port thereafter
      2. Market Maker Full Service MEO Ports
         1. $2,500 / $3,750 / $5,000 / $6,000 (based on lesser of either (i) the number of classes in which the Market Maker is registered to quote, or (ii) certain percentages of total national ADV measurement)
      3. MEO Limited Service Ports
         1. $0 for first to fourth ports, $250 for fifth to eighth ports, per Matching Engine
      4. MEO Purge Port
         1. $600 per pair of Purge Ports, per Matching Engine
      5. CTD Port
         1. $450
      6. FXD Port
         1. $250
   5. Monthly Market Data Fees
      1. ToM
         1. $1,200 Internal Distributor / $2,000 External Distributor
      2. cTOM
         1. $1,200 Internal Distributor / $2,000 External Distributor
      3. SLF
         1. $3,000 Internal Distributor / $3,500 External Distributor
      4. Effective March 1, 2025, MIAX Sapphire will establish per User fees and fees for Non-Display Use.  Please refer to the December 17, 2024 Alert for more details
   6. Monthly Report Fees
      1. Open Close Reports
         1. $600 per month for End of Day
         2. $2,000 per month for Intra Day
         3. From March 1, 2025 through June 30, 2025, any single purchase of End-of-Day Ad-hoc Request (historical data) and/or Intraday Ad-hoc Request (historical data) by an existing subscriber of an Intra-Day subscription or an End-of-Day subscription totaling $20,000 or more will receive a 20% discount when the subscriber purchases the same category of historical data for which they have a monthly subscription. 
      2. Liquidity Taker Event Reports
         1. $4,000 per month
      3. Liquidity Taker Event Reports – Complex Orders
         1. $4,000 per month
      4. Liquidity Taker Event Reports – Resting Simple Orders
         1. $2,000 per month
3. The following fees will be charged beginning March 1, 2025:
   1. Monthly Production Connectivity Fees to the Primary/Secondary environments:
      1. $1,400 per 1Gb ULL connection
      2. $13,500 per 10Gb ULL connection
   2. Monthly Production Connectivity Fees to the Disaster Recovery environment:
      1. $550 per 1Gb ULL connection
      2. $2,750 per 10Gb ULL connection

For additional information, please contact MIAX Trading Operations at TradingOperations@miaxglobal.com or (609) 897-7302.

Regulatory inquiries should be directed to Regulatory@miaxglobal.com or (609) 897-7309.

Sales inquiries should be directed to Sales@miaxglobal.com, (609) 897-8177 or visit miaxglobal.com.